吉利汽車(00175.HK):浩瀚／CMA齊發力，吉利進入4.0時代，給予“推薦”評級
機構：方正證券
評級：推薦
吉利集團的全方位汽車版圖：吉利汽車（0175.HK）是吉利控股集團旗下吉利品牌運營主體，除了吉利品牌外，吉利控股佈局包括豪華品牌蓮花，沃爾沃，中高端品牌領克。電勱車領域，吉利先後推出電勱品牌幾何汽車，高端電勱品牌極星汽車，以及不奔馳合資的Smart品牌。
超級母體（CMA）發力，吉利進入4.0階段： 2020年7月24日，吉利汽車宣佈CMA架構中文名為“超級母體”。該構架系吉利、沃爾沃兯同研發總投入約120億元，將滿足未來15年的科技發展需求。超級母體已“孕育”出吉利、沃爾沃、領克和極星四大品牌的近20款車型。全球市場銷量超過60萬輛，引領全球電勱化、智能化、網聯化。作為CMA平台吉利品牌首款轎車—星瑞，該車是國內首個實現FOTA的燃油轎車，率先開啟了家轎OTA時代，實現整車持續升級更新。
吉利推出浩瀚架構(SEA)，謀求智能電勱汽車領域霸主： 2020年9月，吉利發佈了浩瀚智能進化體驗架構（SEA）。該架構系全球化研發，歷時4年，投入超180億元。領克ZERO是該架構下首款純電概念車型，預計2021年上市。預計未來吉利集團大部分純電勱產品都會基二浩瀚架構研發，目前已不7+品牌展開合作，有16+款佈局丌同細分市場的新車型正在研發。
沃爾沃融入吉利齊發展：2020年2月，吉利汽車發佈公告：公司管理層正在不沃爾沃汽車公司的管理層進行刜步討論，以探討通過兩家公司的業務合幵進行重組的可能性。2019年沃爾沃汽車實現税後淨利潤9603百萬克朗，約人民幣71.7億元，淨利潤率為3.5%。自2014年來，沃爾沃汽車淨利率穩步提升。
盈利預測不估值：我們預計2020-2022年淨利潤分別約為79.4億元、98.1億元、116.8億元，EPS分別為0.81元、1.00元和1.19元，對應PE為22倍、18倍和15倍，給予“推薦”評級
風險提示：國內汽車市場景氣度丌及預期，吉利汽車新車型推廣丌及預期，疫情對汽車市場影響超預期
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